"There has never been a better time to be a professional cricketer," according to Daryl Mitchell.

Mitchell, chairman of the Professional Cricketers' Association (PCA; the players' union in England and Wales), was speaking after the PCA committee voted unanimously to approve a new five-year (2020-2024) deal with the ECB that ensures all professional players will benefit from the improved broadcast contracts.

The County Partnership Agreement (CPA) will ensure a rise in the salary collar (the minimum amount a county can spend on player salaries) and the salary cap (the maximum amount a county can spend on the salaries of its players), an established minimum wage for full-time professionals and a raft of other improved benefits for players. All concessions were in the face of initial resistance from the ECB.

Although ESPNcricinfo reported many of these improved features in March, the final details have taken some time to agree on and the vote - involving representatives from all 18 first-class counties and the England women's squad - only took place on Friday.

"Today is a big moment for every current and future professional cricketer in this country," Mitchell said. "This has been a long and testing process but ultimately a very rewarding outcome.

"I made a bold statement just over a year ago that we needed to ensure every player benefits from the CPA and after constant dialogue and deliberation between stakeholders and over 70 formal meetings, I am delighted we have achieved this.

"The new retirement pot will bring a country-wide benefit to all players who will be supported through extra funding to help with their transition into a second career. David [Leatherdale, PCA chief executive] has fought particularly hard for the implementation of this and with it now agreed, the PCA committee will decide a distribution model for the estimated £5 million that counties will contribute over the five-year period.

"This deal will not only see players directly rewarded but with future funding for the PCA in place and substantial donations to be made to the Professional Cricketers' Trust for the first time, the welfare of players will be protected."

The deal may also serve as something of a legacy for Leatherdale, who has endured a torrid time, which has included taking an extended break to deal with a stress-related problem following a succession of family tragedies. He has already confirmed he will be standing down in the coming weeks, but this deal will ensure he moves on to the next challenge confident he has made a significant positive contribution for his fellow and future PCA members.

"This historic deal creates a reinvigorated approach to playing cricket professionally which will see players rewarded through their careers like never before," Mitchell said."Young players coming into the game will have the best ever chance to be successful with minimum guarantees while improved policies around welfare issues as well as the rise in salary caps and collars will benefit all.

"We know the first two years after retirement is an incredibly difficult time so the new retirement pot will bridge a gap to help the transition into a second career. One of the most exciting successes is the PCA gaining 100 extra members through the women's game. The players who participate in the eight new 'Hundred' teams will be represented by the PCA as the women's game continues to evolve in the professional era.

"In terms of the England men's and women's deals which have been negotiated alongside the CPA through the Team England Player Partnership and England Women's Player Partnership, these deals are also close to being agreed which will ensure representing your country has never been more rewarding."

Key points in the deal

• Minimum 26.5% of ECB central revenue received by players

• Projected £5,000,000 retirement pot to be distributed to players

• Doubling of salary collar from £750,000 to £1,500,000

• Salary cap rising to £2,500,000

• New, binding minimum wage of £27,500 for full time professionals

• Formal rookie contracts introduced

• Increased accountability with PCA to receive a copy of every county contract

• Doubling of payment made to players when released or retiring from the game

• Injury period before termination of contracts doubled with new and improved insurances

• Increased allowance for personal development time

• Secured freedom of movement for overseas cricket between October and March

• Fairer HR procedures on issues such as grievances, discipline and appraisals

• £8,000,000 going to players through The Hundred

• 12.5% retained by counties to allow release for The Hundred for 12.33% of year

• Increase in revenue for Team England Player Partnership and England Women's Player Partnership - through separate agreements

• 100 new female PCA members due to creation of a new professional structure

• PCA funding uplifted by 23%

• Funding for three new PCA Personal Development Managers

• ECB to make a significant contribution to the Professional Cricketers' Trust

• Salary collar to rise

• Salary cap to grow

• Minimum wage to be set

• Every male and female professional player to benefit